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Global Product Demand and Supply at a Glance

Aug. 17, 2017

Global oil demand is expected to grow at 1.3% in 2017 to over 96.9 million b/d with significant gains projected in the middle-light end of the barrel.  Over the forecast period (2017-2021), we are likely to see global oil demand expand by 1.0% annually, climbing above 100 million b/d.  Among the biggest drivers of this growth are naphtha, gasoline and gasoil, with positive annual growth factors of 1.5%, 2.1% and 2.0%, respectively (Figure 1).  On a regional basis, emerging economies in the Far East and South East Asia are expected to boost oil demand by over 2.1 million b/d, with similar performance projected in the Middle East and India.  Europe and North America oil demand will expand by a combined 646,000 b/d through 2021, however, the final year of our forecast brings about an interesting change.  Within these regions demand is forecast to fall by 158,000 b/d in 2021 as the growing presence of renewable energy reduces the dependence on oil. 

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OPEC Efforts are Counteracted

Aug. 15, 2017

In 2016, OPEC members established a concerted effort to rebalance the global oil market through production cuts, which would be implemented by all members excluding Iran, Libya and Nigeria.  After implementing the agreement on January 1, 2017, total crude output from the group over the first half of 2017 has fallen by 400,000 b/d year-on-year; however, when compared to 2016’s full year average, we see a greater decline of over 800,000 b/d.

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McQuilling Services Announces the Release of the 2017 Mid-Year Tanker Market Outlook Update

Aug. 9, 2017

McQuilling Services is pleased to announce the release of the Mid-Year Tanker Market Outlook Update. The Mid-Year Tanker Market Outlook Update provides an outlook for monthly spot market freight rates and TCE revenues for 19 major tanker trades across eight vessel segments for the second half of 2017 and the remaining four years of the forecast period.

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McQuilling Services 2017-2021 Mid-Year Tanker Market Outlook Update

Aug. 1, 2017

McQuilling Services is in the midst of producing its 20th Anniversary Edition 2017-2021 Mid-Year Tanker Market Outlook Update and is proud to announce its release the week of August 7th, 2017.  The Mid-Year Tanker Market Outlook Update provides an outlook for spot market freight rates and TCE revenues for 19 major tanker trades, including two triangulated trades, across eight vessel classes for the second half of 2017 and the remaining four years of the forecast period to 2021.  

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A Temporary Tumble

July 20, 2017

Suezmax fixing activity in the Black Sea has increased considerably this year largely due to higher production in Kazakhstan pushing barrels through the Caspian Pipeline Consortium (CPC) to Novorossiysk.  Kazakhstan crude and condensate output has risen to over 1.7 million b/d in recent months, underpinned by a ramp up of operations at the massive Kashagan oilfield.

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